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Overview
Timmins Gold Corp is well positioned for continuous growth as a gold production and development company. The Company owns and operates the open pit heap leach San Francisco Gold Mine in Sonora State, Mexico.
Timmins Gold’s experienced management team has delivered increased mine life and expanded production year over year since commercial production began in 2010.
On the exploration front, Timmins Gold has over 200,000 hectares of claims contiguous to the Mine along the highly prolific Northern Sonora Gold District. Past exploration success around the Mine has significantly increased gold resources and reserves.
Timmins Gold has delivered increased revenues, profits and earnings while maintaining low all-in cash costs.
The combination of production, free cash flow generation and exploration success positions Timmins Gold to deliver increased shareholder value. Timmins Gold trades on the TSX under the symbol TMM and the NYSE-MKT under the symbol TGD.
700 West Pender Street, Suite 615
Vancouver, British Columbia
(604) 682-4002
(Address and telephone number of Registrant’s principal executive offices)
CT Corporation System
111 Eighth Avenue, 13th Floor
New York, New York 10011
(212) 894-8700
355,628,602 Common Shares as of Feb. 2017
http://www.timminsgold.com/investors/share_structure/
8 Analysts cover TGD
http://www.timminsgold.com/investors/analyst_coverage/
FISCAL 2016 HIGHLIGHTS
- Stable balance sheet with $33.9 million in cash and working capital of $37.8 million.
- Metal revenues of $123.9 million from 100,480 ounces of gold sold at $1,234/oz.
- Cash provided by operating activities of $34.1 million after changes in non-cash working capital.
- Earnings and comprehensive income of $31.7 million ($0.10/share).
- Cash costs1 of $734/oz and All-in Sustaining Costs1 of $853/oz.
Financial performance
- Metal revenues were $123.9 million compared to $109.2 million during fiscal 2015. This represents a 13.4% increase from the prior year. The primary factor for the increase was an increase in gold ounces sold of 100,480 compared to 93,196 ounces during fiscal 2015. The average realized gold price increased to $1,234 per ounce compared to $1,172 during fiscal 2015.
- Earnings from operations were $37.4 million compared to a loss of $241.8 million during fiscal 2015. The difference was primarily due to an impairment reversal of $23.7 million during fiscal 2016 compared to an impairment charge of $228.4 million -during 2015. Additionally, earnings from mine operations were $34.9 million compared to a loss of $2.9 million during fiscal 2015.
- Earnings and comprehensive income were $31.7 million or $0.10 per share compared to loss and comprehensive loss of $190.3 million or $0.77 per share during fiscal 2015.
- Cash provided by operating activities was $34.1 million or $0.11 per share1 compared to $13.3 million or $0.05 per share during fiscal 2015.
- Cash and cash equivalents at December 31, 2016 were $33.9 million, an increase of $24.7 million from the prior year end. During the year, the Company generated $34.1 million from operations, received $9.2 million in receipts from the sale of the -Caballo Blanco Property ("Caballo Blanco") and received $13.8 million in proceeds from an equity financing. The Company invested $3.8 million on expansion programs, $2.0 million on exploration and evaluation projects, and $13.2 million on the Ana Paula gold project ("Ana Paula" or "the Project"). Also, the Company received $16.0 million of its VAT receivable in cash. Subsequent to December 31, 2016, the Company received $3.5 million of the $4.9 million VAT receivable.
- Working capital at December 31, 2016 was $37.8 million, an improvement of $51.5 million from December 31, 2015. This increase is a result of cash provided by operating activities of $34.1 million compared to $13.3 million during fiscal 2015. - During the year ended December 31, 2016, the Company sold the Caballo Blanco Property and completed a bought deal financing increasing cash by $9.2 million and $13.8 million, respectively. Repayment of the $10.2 million loan facility and $1.5 million debenture leaves the Company debt free.
